The stock of Bionano Genomics, Inc. (NASDAQ:BNGO) is now priced at $0.61 and the shares are -0.01 points down or -1.84% lower compared to its previous closing price of $0.62. The stock had 8.616 million contracts set over the past session. BNGO shares’ daily volume is compared to its average trading volume at 23.744 million shares. However, it has a float of 136 million and although its performance was -0.93% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the BNGO share price recently placing at $0.5752 to $0.6089. However, some brokerage firms have priced the stock below the average, including one that has called $1.15.

The shorts are running away from the Bionano Genomics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the BNGO shares have declined. Short interest in the stock represents just 3.17% of its float, but the volume has dropped by -3286055. The volume of shorted shares dropped to 4.316 million from 7.602 million shares over the last two weeks. The average intraday trading volume has been 18.433 million shares, which means that days to cover moved to roughly 1.

In the last trading session, Bionano Genomics, Inc. (NASDAQ:BNGO) dropped by -$0.0057 over the week and lost -$0.1834 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.7. The stock recorded its established 52-week high on 10/16/19.

Since 04/02/20, the stock has traded to a low of $0.25 at 143.44%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, Bionano Genomics, Inc.’s two-week RSI is 42.79. This suggests that the stock is neutral at the moment and that BNGO shares’ price movement remains stable. The stochastic readings are equally revealing at 16.69% meaning the BNGO share price is currently in overbought territory.

The technical chart shows that the BNGO stock will likely settle at between $0.6199 and $0.6313 per share. However, if the stock dips below $0.5862, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.5639.

Currently, the stock is trading in the red of MACD, with a reading of -0.0249. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Maxim Group assigned BNGO a rating of Outperform in their intiating review released on April 08.

The average rating for the BNGO equity is 1.67 and is currently gathering a bullish momentum. Of 3 analysts tracking Bionano Genomics, Inc. polled by Reuters, 0 rated BNGO as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.

The stocks P/S ratio currently stands below the group’s average of 65. Bionano Genomics, Inc. has its P/E ratio at 14.4, which means that the stock is currently trading at a premium relative to the 5.8 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Bionano Genomics, Inc. (NASDAQ:BNGO) will decrease by about -99.82%, which will see them reach $2.12 million. The company’s full-year revenues are, however, expected to diminish by about -21.03%, down from $10.13 million to $8 million. BNGO’s expected adjusted earnings should drop almost -91.53% to end up at -$0.05 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -83.42% to record -$0.33/share.